NEW YORK ( TheStreet) -TheStreet Ratings' stock model downgraded Statoil ASA (STO - Get Report) to 'Hold' from 'Buy'. Net income at this $64 billion market cap, integrated oil company leapt 786% in the second quarter to $402 million, which was only impressive when compared to a dismal second quarter 2009 result.
TheStreet Ratings released rating changes on 9 additional U.S. common stocks for September 9, 2010. In total, eight stocks were downgraded and two stocks have been upgraded by our stock model.
Statoil stock is trading just off a fresh 52-week low after stepping lower by as much as 31% since November 2009. The Energy Information Administration reducing forecasted oil demand for 2011 on diminished expectations of global growth lowers the fundamental value of crude oil and the companies that produce it. Learn more about Statoil SAS: Company Profile, Income Statement, Balance Sheet, Stock Ratios, Analyst Ratings.
In another downgrade, Deswell Industries (DSWL - Get Report) shares went to 'Sell' from 'Hold'. In fiscal first quarter of 2010 ending June 30, this plastics manufacturing company shrank top line revenue by nearly 10% to $20.5 million and reported its third consecutive quarter of losses. Learn more about Deswell Industries: Company Profile, Income Statement, Balance Sheet, Stock Ratios, Analyst Ratings.-- Reported by Kevin Baker in Jupiter, Fla.
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